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Wall Street Polices Itself: How Securities Firms Manage the Legal Hazards of Competitive Pressures

Author

Listed:
  • McCaffrey, David P.
  • Hart, David W.

    (both at the Department of Public Administration, University of Albany)

Abstract

This book explains how the self regulatory system for U.S. securities firms works with three tiers of supervision. Overseeing the whole system is the U.S. Securities and Exchange Commission, which directly supervises the self-regulatory organizations such as the New York Stock Exchange and the National Association of Securities Dealers. In turn, these self-regulatory organizations oversee the broker-dealers who conduct the daily business of buying and selling securities. The system relies heavily on the firms' internal supervisory systems to prevent violations of securities laws, since they are in the best position to track their own internal activities. Firms may be fined, or subject to even more stringent penalties, if their supervisory systems fail. This book is an in-depth examination of how this regulatory system works, the types of regulatory problems with which broker-dealer firms must deal, why some firms have more problems than others, and what the experience with the system suggests about ways of improving self regulatory systems generally.

Suggested Citation

  • McCaffrey, David P. & Hart, David W., 1998. "Wall Street Polices Itself: How Securities Firms Manage the Legal Hazards of Competitive Pressures," OUP Catalogue, Oxford University Press, number 9780195111873.
    • Handle: RePEc:oxp:obooks:9780195111873
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    Cited by:

    1. Thomas M. Lenard & Lawrence J. White,, 2009. "ICANN at a Crossroads: A Proposal for Better Governance and Performance," Working Papers 09-07, New York University, Leonard N. Stern School of Business, Department of Economics.
    2. Ignacio J. Martinez-Moyano & David P. McCaffrey & Rogelio Oliva, 2014. "Drift and Adjustment in Organizational Rule Compliance: Explaining the “Regulatory Pendulum” in Financial Markets," Organization Science, INFORMS, vol. 25(2), pages 321-338, April.
    3. Michael W. Toffel & Jodi L. Short & Melissa Ouellet, 2012. "Codes in Context: How States, Markets, and Civil Society Shape Adherence to Global Labor Standards," Harvard Business School Working Papers 13-045, Harvard Business School, revised Sep 2014.
    4. Janice Traflet & Elton McGoun, 2008. "Has Elvis Left The Building?," Journal of Cultural Economy, Taylor & Francis Journals, vol. 1(2), pages 199-215, July.
    5. Cynthia E. Clark & Punit Arora & Patricia Gabaldon, 2022. "Female Representation on Corporate Boards in Europe: The Interplay of Organizational Social Consciousness and Institutions," Journal of Business Ethics, Springer, vol. 180(1), pages 165-186, September.

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